By way of explanation, it presently serves around eight million users, giving prominence to its credibility and trustworthiness. It is trusted by one out of every four cryptocurrency holders worldwide. Leaked private keys of a few KuCoin hot wallets were the primary how to buy stepn cause of the incident. KuCoin was subjected to a sophisticated APT assault that significantly disrupted its internal network, allowing the attackers to circumvent the platform’s security system and steal the private keys of a few hot wallets.
KuCoin is amongst the world’s leading cryptocurrency exchanges by means of users and average daily trading volume. KuCoin is a global crypto exchange that currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 million users in 207 countries and regions around the world. As the core of the KuCoin ecosystem, KCS, will be the underlying fuel and native token of the KuCoin decentralized products, which will benefit the KCS holders and ecosystem builders.
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KuCoin Earn allows users to lock their holdings on the platform and earn a certain percentage as a passive income. For some of the largest and most popular cryptocurrencies, such as Bitcoin, Ethereum, Solana, and Polygon, the current rewards could go as high as 6% (for SOL) and 3.7% (for ETH). It’s important to note that users don’t have to go through guide a Know Your Customer (KYC) verification upon registration—this is done later.
Futures fees
Unfortunately, the exchange was hacked in 2020, resulting in over $280 million stolen from it. However, a few months later, the CEO of KuCoin reassured users that all of the funds were successfully can you buy bitcoin with debit card on litecoin atm can you buy dogecoin stock on etrade recovered. There are varieties of options to choose from, such as flexible and locked staking, as well as low risk and high yield categories.
Keep in mind that traders might boost their earnings by borrowing money; on the other hand, they may suffer a significant loss with their initial investment. KCS Bonus is a unique incentive mechanism for KCS holders and KuCoin ecosystem builders. Users who hold at least 6 KCS can get a daily bonus, which comes from 50% of KuCoin’s daily trading fee revenue. The amount of rewards that users can get depends on the number of KCS hold and the trading volume of the KuCoin Exchange. With the increasing trading volume of KuCoin, the estimated APR of KCS bonus exceeds 30% lately.
Margin trading, platform lending, and advanced trading were not considered for choosing the best crypto exchanges for beginners. However, U.S. users need to be aware that, due to their inability to complete KYC verification, their accounts may not be as secure as international accounts. KuCoin doesn’t offer unverified accounts the same fraud and hacking protection as verified accounts. For starters, users who are based in the U.S. cannot complete standard financial industry Know Your Customer (KYC) disclosures on KuCoin.
- U.S. users of KuCoin’s platform run considerable risks not carried by other platforms licensed in the U.S.
- Currently, the platform is among the crypto space’s top players regarding security, dependability, service quality, and features.
- However, U.S. users need to be aware that, due to their inability to complete KYC verification, their accounts may not be as secure as international accounts.
- In this case, we’ve selected the Tether (USDT) stablecoin, but you can deposit pretty much any cryptocurrency.
- Simplex generally charges a 3.5% fee, whereas Baxa charges in the range of 4% to 6%.
A more hands-on approach with faster response rates could definitely benefit KuCoin. To set a limit order, you have to specify the price at which you want to buy or sell. In this example, we are using the BTC/USDT trading pair, which, at the time of writing, trades at around $54,000. We want to buy 1 BTC when the price drops to $50,000, and that’s what our limit order looks like. As soon as the price drops down to this point, our limit order will be placed in the order book and filled.
Is KuCoin Safe?
Perhaps this is why it was initially known as KuCoin Shares before it was rebranded. Fees for a specific coin might also change regularly depending on network usage. Simplex generally charges a 3.5% fee, whereas Baxa charges in the range of 4% to 6%. Purchases conducted on the P2P marketplace will result in charges depending on the payment method and processor rates; thus, potential P2P users should bear this in mind when buying or selling digital assets.
Moreover, there is a Help Center and a FAQ page for online resources, and these should be your first port of call for any inquiries regarding the platform and how to use various features. Google Authenticator, which requires you to input a code from your mobile on the KuCoin website or app before you can log in or make a trade. While initial estimates put the stolen amount at about $150 million, further evidence indicated that the actual figure was over $280 million. Starting from January 2021, the KCS team decides to adjust the period of KCS buyback and burn from each quarter to each month. In each period, 10% of the net profit will be applied to the buy-back of KCS.